Answer:
The firm earns revenues of $360,000 per year. To receive a normal profit, the firm described above would have to earn additional revenue of $90,000
Explanation:
As per the information provided in the question, the current profit/loss after deducting all expenditure from income is as follows:
Particular Amount ($)
Revenue 360,000
Less: Wages and Salaries (200,000)
Less: Materials (75,000)
Less: New Equipment (30,000)
Less: Rented Property (20,000)
Less: Interest Costs (35,000)
Profit/Loss 0
As confirmed from the calculation above currently no profit is being earned even after the owner/manager not receiving income from the firm. Therefore, the firm should generate additional revenue of $90,000 in order to earn normal profit.
The financial management practices which are least effective in creating and monitoring an operating budget include top down/bottom up budgets, poor inventorying, lack of control, over control, and lack of staff investment.
In business, financial management includes the practice of making a business plan and then ensuring that all departments which falls under it stay on track and work properly.
Creating and monitoring an operating budget for the national government involves four distinct processes which are, budget preparation, budget authorization, budget execution and accountability.
Hence, the operating budget helps in keeping track of the income and expenses in an organization.
To learn more about operating budget here:
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Answer: Spaghetti map
Explanation:
A spaghetti map refers to as a visual representation that makes use of a continuous flow line that's used in the tracing of an activity for a particular process.
Since the people and equipment were not optimally positioned, the process map that would best help the team address this issue is the spaghetti map. It's vital as it helps in identification of workflow redundancies.
<span>Like its name implies, an irrevocable trust cannot be changed or ended. Grantors who transfer their assets into such a trust are effectively gifting them to it, revoking their ownership of said assets. This trust is often used as a more tax-effective way to protect an estate.</span>
Answer:
The correct answer is True.
Explanation:
The term Business Intelligence (BI) refers to technologies, applications and practices for the collection, integration, analysis and presentation of commercial information. The objective of Business Intelligence is to support better business decision making.
The automatic aspect of Business Intelligence should not go unnoticed. Daily information monitoring allows you to evaluate performance, monitor inventory and track expenses in real time.
Planning strategies without a thorough data analysis is like aiming in the dark. Business intelligence lights the way to make the best decisions in the management of your hotel.
The usefulness of technology to take data from the environment for strategic knowledge is evident as soon as it is launched. By extracting essential data from the environment and presenting it on dashboards, business intelligence allows managers and managers to make informed strategic decisions.
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